Dubai: Oman Oil Refineries and Petroleum Industries Co (Orpic) is in talks with banks about a potential US dollar-denominated bond sale, sources familiar with the matter said.

The company, owned by the government of Oman, has not appointed banks yet for the possible financing and talks are still at an early stage, said the sources.

Orpic, which operates four industrial plants at two locations in Muscat and Sohar, has borrowed extensively in the past through project financing and bank debt, but the potential bond sale would be its first deal in the international debt capital markets.

The company did not respond to a request for comment. It raised a $2.8 billion loan in 2014 with a consortium of banks to fund various projects, including the expansion of its refinery in Sohar.

In early 2016 it secured $3.8 billion in project financing for its Liwa Plastics Industries Complex, a project with a total value of $6.5 billion. Orpic has been in talks with a number of banks over the past few months to discuss its funding options, which one source said could also include new loans.

In addition to two crude oil refineries, Orpic operates aromatics and polypropylene production plants. According to its website, it employs over 2,600 people and plans to have 3,000 employees by 2020.